Economic Beat

Al's Investments or Malinvestments?

Alan Greenspan seems to have forgotten his own youthful scribblings on the dangers of cheap money.

Libertarian Rep. Ron Paul of Texas, who happens to know more economics than most economists, tells the story of an encounter with Alan Greenspan that is filled with irony.

Paul asked the Fed chairman to sign his copy of an essay called "Gold and Economic Freedom," which Greenspan wrote for the July 1966 issue of philosopher Ayn Rand's periodical, "The Objectivist." Beginning with the feisty words, "An almost hysterical antagonism toward the gold standard... unites statists of all persuasions,"...